Soybean futures turned slightly positive on Tuesday after a subdued start. The November contract gained 1.00 US cent and closed at 1012.00 US cents/bushel. The spring futures showed similar trends with premiums of up to 1.25 US cents. Soybean meal, meanwhile, lost US$3.80 for October, closing at US$275.10/short ton.
Support came from the USDA, which reported a further decline in crop quality. The proportion rated "good to excellent" fell by two percentage points to just 61%.
Internationally, export news provided additional movement: Pakistan secured 180,000 tons of soybeans of probable US origin. At the same time, market participants reported a wave of Chinese buying following the export tax freeze in Argentina. According to reports, between 10 and 15 cargoes of Argentinian goods have changed hands. The Argentinian president had temporarily suspended the tax completely.
The oil fruit markets were also friendly away from the bean. In Winnipeg, canola for November gained Can-$ 7.20 to Can-$ 617.60 per tonne. On Euronext, rapeseed gained €1.25 in the same month, closing at €472.00 per tonne.
